With more than a decade of experience campaigning on Wall Street banks, and building on momentum and lessons learned from the fights against Keystone XL and the Dakota Access Pipeline, RAN’s climate team works to accelerate the decline of the most climate-destructive fossil fuel subsectors: tar sands, coal mining and power, and liquefied natural gas export.
At a time when the world’s nations have agreed to limit global warming to 1.5 degrees to avoid the most catastrophic effects of climate change, leading financial institutions have continued business as usual investment in fossil fuels, in direct contradiction of global consensus. From 2013 to 2015, the biggest global banks pumped $42 billion into companies active in coal mining; $154 billion into the 20 largest coal-fired power producers; $306 billion into companies that drill extreme oil; and $282 billion into companies building liquefied natural gas export infrastructure in North America. As the world shifts away from a fossil fuel economy, these investments will result in stranded assets and significant financial losses.
In the last two years, big banks have bent the curve on coal, with five of the six biggest Wall Street banks committing to reduce their lending to coal mining, and a total of 24 global banks putting in place new policies to move away from the coal sector. Big banks need to accelerate their exit from coal, and cut extreme oil and gas, in order to follow through on promises made in Paris to stabilize the climate.